Large-scale Renewable Energy Investment In Australia Falls By Nearly Half In Just 1 Quarter
Investment in large-scale renewable energy projects in Australia has slumped to its lowest level since 2017 due to uncertainty over federal policy and delays in grid connection, according to an industry body.
The Clean Energy Council said $600m was invested in large-scale renewable projects in the second quarter this year, a drop of almost half from the previous quarter. Only three major projects reached financial close in the quarter and it had now been a year since a large-scale energy storage project had been commissioned.
One major windfarm developer, Tilt Renewables, told shareholders on Wednesday that “urgent reform” was needed to better manage the transition to clean energy. The Clean Energy Council chief executive, Kane Thornton, told Guardian Australia investments in the electricity transmission network had not kept pace with the rapid deployment of wind and solar farms.
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Labor’s climate change and energy spokesman, Mark Butler, said the collapse in investment in large-scale renewables was “a direct result of the Morrison Government’s chaotic and continuing energy policy failure”. He said: “After seven years and 19 energy policy attempts, this government has no national energy policy and they continue an anti-renewables agenda, refusing to capitalise on the huge benefits that renewable energy can bring to Australian households and businesses.”
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https://www.theguardian.com/environment/2020/aug/19/large-scale-renewable-energy-investment-falls-to-lowest-level-since-2017